Bitget plans to burn bgb worth $ 120 million under a new quarterly mechanism

The bitget was set to burn more than 30 million BGB for the first quarterly combustion of 2025. Years. Cripto Exchange recently updated your burning mechanism in accordance with the use of chain.

According to the press release sent to CRIPTO.NEWS 9. April, Cripto exchange It will use a new incineration mechanism for her mother’s token that takes into account more of its use on the chain. The new mechanism uses a model based on communal services to calculate the amount Bitget Tokens (Bgb) to wash.

Updated incineration formula directly connects the three-month combustion of combustion to the BGB amount that is paid in the chain Gas fees through getgas accounts of firms. According to the new mechanism for K1 2025, the platform has added about 6,943 BGB to its getgas orders.

Therefore, the Bitget prepares for shooting a total of 30 million BGB for this quarter, which is equally than $ 120 million based on current market prices. This means that 30 million BGB will be removed from its total token supply, potentially reinforced remaining token value.

At the time of pressure, the BGB reduced almost 2.5% in the last 24 hours. It is currently traded at $ 4.07, despite reaching $ 4.20 per day. The token is still more than 50% below its all times of $ 8.45, which was recorded in late December 2024. Years.

The BGB circulating bids stands at 1.2 billion BGB with a 24-hour trading range of $ 278 million. The volume of the Token trading experienced an increase of 13% compared to the previous trading day. Meanwhile, a token market cap is currently worth almost $ 5 billion.

The General Manager of Bitget, Grussi Chen, said it was a more sustainable burning mechanism for the expected change, given the BGB in the process of expanding its role in different ecosystems on the chain.

“By connecting your burning mechanism, BGB quarterly combustion can be developed with actual use. This update encourages adoption and enables transparent and sustainable tokenomy,” Chen said in her statement.

In January 2025. years, Cripto Exchange burnt 800 million BGB held by the Inner Team, which was 40% of the total bid. This burned down the circulating offer of 2 billion BGB to 1.2 billion BGB.